United Bank of India Q1 net up 23.3%

Mumbai: State-owned United Bank of India on Saturday posted a 23.3 per cent increase in its net profit to Rs 132.4 crore for the first quarter ended June 30, 2011.

The lender had posted a net profit of Rs 107.8 crore for the corresponding quarter last fiscal, United Bank of India said in a filing to the Bombay Stock Exchange (BSE).

Total income of the bank increased by 29 per cent during the period to Rs 2,008.1 crore from Rs 1,557.8 crore in the corresponding period last year.

The interest income of the bank rose to Rs 1,838.3 crore during the reporting quarter from Rs 1,437.2 crore in the first quarter of the previous fiscal.

The bank's gross non-performing assets (NPAs) declined to 2.89 per cent during the quarter ended June 30, 2011, from 3.19 per cent in the same quarter a year ago.

Source: Financial Express